This language describes "blank check" preferred stock -- which about 98% of IPO companies have in their governing docs. So, while you might not agree with the

This language describes "blank check" preferred stock -- which about 98% of IPO companies have in their governing docs. So, while you might not agree with the philosophy behind it, if it is a veto item on investing, you will have a pretty limited portfolio. See page 12 of this IPO study https://alerts.davispolk.com/10/3818/uploads/2018-non-controlled-ipo-survey.7.9.2018.pdf https://alerts.davispolk.com/10/3818/uploads/2018-non-contro...